German Federal Court of Justice decision paves the way for bond restructurings under 2009 Bonds Act.
The German Federal Court of Justice (the Court) recently published its first decision on the reformed German Bond Act...more

Excerpt from A Year in Review:
We are pleased to say that 2014 was another successful year for Morrison & Foerster’s Business Restructuring & Insolvency Group. Despite continuing market headwinds, the last year brought...more

Restructuring decision broadly interpreting bondholder protections under the Trust Indenture Act may significantly impact out-of-court restructurings.
On December 30, 2014, the US District Court for the Southern...more

On 30 October 2014, the English High Court sanctioned the second scheme of arrangement for the APCOA group (the “Scheme”). APCOA has been one of the hottest names in the restructuring market in 2014. First, it broke new...more

In this memorandum opinion, the Court of Chancery partially granted defendants’ motion to dismiss, holding that (i) plaintiff had stated a claim for breach of fiduciary duty against the Director Defendants because it was...more

Since 2011, there have been an increasing number of restructurings in higher education. What may have started with the foreclosure and sale of ATI Schools and Colleges has continued this year with last month’s conversion of...more

On September 4, 2014, the Delaware Court of Chancery issued two lengthy post-trial opinions, both authored by Vice Chancellor John W. Noble, finding that recapitalization or restructuring transactions did not satisfy the...more

In connection with a contentious restructuring, Judge Drain of the Bankruptcy Court for the Southern District of New York, ruled recently that certain lenders to Momentive Performance Materials Inc. (Case No. 14-22503) had no...more

Identifying the "most challenging" deal I've worked on should be straightforward, one would think. However, as most of my deals have involved distressed businesses over the years, virtually all of them started on the...more

The following discussion examines a number of factors that have complicated the bankruptcy process. It also offers a look at how out-of-court restructurings might be a more viable course for distressed business owners to...more

A recent blog post by Ethics Resource Center President Pat Harned, reported on findings from the ERC 2013 National Business Ethics Survey (NBES) of significantly more observed misconduct in companies that are under stress...more

On Friday July 25, 2014, the City of Detroit released a revised restructuring plan that provides for a reserve fund that may enhance the recovery for certain classes of unsecured creditors. The plan also creates a...more

BANKRUPTCY & INSOLVENCY -
In Canada, an “insolvent company” (or “person”) refers to an entity which is not bankrupt and which resides, carries on business or has property in Canada; and which is unable to meet or has...more

Have you ever heard of a “career moment”? A career moment is defined as a moment in an employee’s career that represents some form of major change.
Last week we hosted two regional events, one in Chicago and one in...more

Earlier this month, Public Service Company of New Mexico (PNM) filed a notice of the status of negotiations among the San Juan Generating Station (SJGS) participants relating to the ownership restructuring of SJGS plants 1...more

Companies that have valuable assets but also face significant liabilities will sometimes engage in restructurings to isolate, or “ring-fence,” the good assets from the liabilities. Often the companies are able to accomplish...more

Earlier this month the Sixth Circuit Court of Appeals ruled that the appeal of Syncora Guarantee Inc. must be heard by the lower federal district court before the bankruptcy court may conduct its trial on the city’s proposed...more